Good Morning. Imperial Pacific International got yet another reprieve this week after a federal court granted a temporary restraining order preventing a hearing that was scheduled to decide whether to revoke its license. In today’s Face-to-Face, we talk with Democratic legislator Tina Sablan about the next steps. She says it’s time to reevaluate whether casinos are needed, or even viable on Saipan, especially as the CNMI is believed to be on China’s blacklist of countries targeting its residents for gambling.
What you need to know
- Macau operators, except for SJM with only 3 months, would have over 12 months of available liquidity in a zero revenue scenario Bernstein reports
- Queensland has become the second Australian state this week to announce tougher gambling laws, including stiffer disciplinary penalties of up to A$50 million ($35.3 million).
- Genting Malaysia said it swung back to profit at the EBITDA level in 1Q22 as revenue surged by three times as Covid restrictions eased.
- Alvin Chau, the former head of Macau’s largest junket operator, has been formally charged with money laundering, founding and heading a “secret association” and organizing illegal gambling.
On the radar
- Marina Bay Sands hiring 2,000 as Singapore rebounds.
- Genting says 1Q22 at RWLV hit by Omicron but results improving.
- Sportradar target $85b cricket market with first virtual in-play product.
FACE TO FACE WITH TINA SABLAN
It’s time for The Commonwealth of Northern Mariana Islands to re-evaluate its tourism policy to decide whether it really wants a casino industry after the “mess” created by Imperial Pacific, says Democratic Party legislator Tina Sablan. IPI earlier this week won another reprieve after a federal court granted a temporary restraining order that prevented the local regulator from holding a hearing to decide whether to revoke the company’s monopoly license. Sablan tells us about the next steps and why she’s concerned about the viability of casinos on Saipan.